Top 10 south african forex brokers

Another aspect which makes FXCM offerings of financial services so attractive is their exclusive bonuses and promotions. Currently, SA traders can enjoy the following bonuses for forex trading:. Pepperstone came in second place in the same category. One thing to mention is that the FXCM trading accounts offer variable spreads plus mark-up pricing.

The zero-commission trading feature couple with a solid range of trading platforms and enhanced execution speed makes FXCM the best forex broker with no commission. In total, FXCM offers only 39 forex currency pairs major, minor and exotic pairs. Some traders may consider this a negative. Commissions will be applied to Active Trader account types.

Regulated across five continents, including on the African continent by the local watchdog FSCA, AvaTrade gives SA traders access to over financial instruments, including:. AvaTrade has access to a deep pool of liquidity providers which promises CFD trading with competitive spreads. Across all trading platforms, AvaTrade offers fixed spreads. AvaTrade offers competitive fixed spreads across its range of financial instruments. This means that the spread will fluctuate as per the market price, and they stop moving, once the position is open.

Below you can overview the fix spreads offered by AvaTrade under normal trading conditions on some of the most traded currency pairs:. Additionally, AvaTrade may offer spreads as a percentage of the position for some CFD instruments as follows:. This South African-based forex broker has only recently opened up May its business in the African continent. Offering financial services to forex traders in South Africa has become extremely competitive for the brokerage trading firms.

However, ThinkMarkets has managed in a relatively short period of time to make a name for oneself. Below, our team of experts will outline the main factors that weighted the most into our proprietary scoring system. ThinkMarkets offer a variety of trading account types suitable for all types of traders. The types of forex accounts offered by ThinkMarkets are listed below:.

Retail traders can only get maximum leverage of South African traders can safely deposit money with ThinkMarkets. Forex insurance coverage has the following advantages:. Additionally, ThinkMarkets offer several payment options for deposits and withdrawals, including:.

Overall, ThinkMarkets is among the best South African Forex brokers due to their no minimum deposit requirements, a wide range of payment methods, and fund protection. We assessed all aspects of IG trading spreads along with evaluating all its trading features and found the following advantages:. At IG, the average standard spreads are considered to be the lowest among all forex brokers operating in South Africa.

IG pricing technology streams its quotes from a wide pool of liquidity providers, which reduces the spreads charged to SA traders. IG forex spreads oscillate in accordance with the market liquidity while CFD spreads remain unchanged excluding stock spreads. South African residents can open a live trading account with IG with a minimum deposit of Rand 4, Our team of experts assessed all social trading networks, but eToro came at the top of our proprietary scoring system due to the following reasons:. The most popular social trading markets available on eToro include Forex, stock, indices, commodities, ETFs and cryptocurrencies.

In conclusion, the more assets under management you manage to attract, the bigger your payment will be.

Key Factors to Consider Before Choosing a Forex Broker

The table below will highlight the 4 levels of the Popular Investor program. Overall, eToro came ahead of its competitors due to its large clients base of over 6 million traders. South African residents that lack the trading experience to generate a profit have a chance to use eToro copy trading feature and start earning a passive income.

The financial services offered by eToro comply with the standard and rules imposed by the top financial institution including:. Pepperstone was awarded the best forex broker for South African traders based on five key factors:. For more details, you can view the Pepperstone review. View our best forex broker section to see a list of the leading CFD providers. Beginner forex traders should be looking for a CFD broker that an easy-to-use forex trading platform, strong customer support and risk management features such as negative balance protection and guaranteed stop-loss orders.

Our recommendation is Plus, which has the components a beginner trader needs. The lowest spreads are available from providers that have ECN broker accounts. Our review of Pepperstone found they had the lowest spreads with some examples:. South African forex trading success is partially dictated by the fx broker chosen, and five criteria should be considered:. Some brokers will only have a spread while others may have narrower spreads but also charge a commission. Some other fees may apply to advanced features such as guaranteed spreads, an overnight holding of a position or licencing fees.

These have different interfaces, features and integrations. On the South African forex broker table above you can view how MetaTrader MT4 is offered by most brokers giving the flexibility to change brokers if you choose this fx platform.

Other platforms may have unique features not available on MT4 such as share trading on MT5 and C programming on cTrader. As currency market movement is modest compared to other markets, leverage makes these more substantial to make real profits or losses. A trader needs to afford to take the high risk of losing money rapidly due to leverage. They help control risk such as determining when a trader exits a trade eg a guaranteed stop or to prevent a trader from not only losing your money but also from going negative through negative balance protection.

Even with risk management, you can lose money when trading, so the amount put into a deposit is critical. You can check with each fx broker what percentage of retail investors lose their money on retail investor accounts. This regulator reviews the financial services industry, excluding the banks.

This regulator works towards protecting South African investors including forex traders and has powers to enforce their policies. They also work with the Ombudsman to investigate customer concerns in regards to forex trading brokers.

How to Choose the Best Forex Broker in South Africa?

View more on our FSB regulated page. Justin Grossbard has been investing for the past 20 years and writing for the past He co-founded Compare Forex Brokers in after working with the foreign exchange trading industry for several years. He and his wife Paula live in Melbourne, Australia with his son and Siberian cat. In his spare time, he watches Australian Rules Football and invests on global markets.

We use cookies to ensure you get the best experience on our website. By continuing to browse you accept our use of cookies. Justin Grossbard Justin Grossbard has been investing for the past 20 years and writing for the past What Changed? Fact Checked We double-check broker fee details each month which is made possible through partner paid advertising.

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Learn more this here. Visit Site. Our Rating. Pepperstone Review. FXTM Review. Review Of ThinkMarkets.